STOCK MARKET WATCH, Friday, October 7, 2011

[Pale Blue Dot]

Source: du

STOCK MARKET WATCH, Friday, October 7, 2011

AT THE CLOSING BELL ON October 6, 2011

Dow 11,123.33 +183.38 (+1.65%)
Nasdaq 2,506.82 +46.31 (+1.85%)
S&P 500 1,164.97 +20.93 (+1.80%)
10-Yr Bond... 1.99 -0.0020 (-0.10%)
30-Year Bond 2.95 +0.01 (+0.20%)

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Market Conditions During Trading Hours

Euro, Yen, Loonie, Silver and Gold

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Handy Links - Market Data and News:Economic Calendar    Marketwatch Data    Bloomberg Economic News    Yahoo! Finance    Google Finance    Bank Tracker    
Credit Union Tracker    Daily Job Cuts

Handy Links - Economic Blogs:
The Big Picture    Financial Sense    Calculated Risk    Naked Capitalism    Credit Writedowns
Brad DeLong      Bonddad    Atrios    goldmansachs666    The Stand-Up Economist

Handy Links - Government Issues:
LegitGov    Open Government    Earmark Database    USA spending.gov

Handy Links - Videos:
The Coming Collapse of the Middle Class    Charlie Rose talks with Roubini    Charlie Rose talks with Krugman
    William Black: This Economic Disaster    Bill Moyers with Kevin Drum and David Corn

Bush Administration Officials Convicted = 2
Names: David Safavian, James Fondren
Dishonorable Mention: former House majority leader, Tom DeLay

Bush Administration Officials Charged = 1
Name(s): Richard Lopez Razo

Financial Sector Officials Convicted since 1/20/09 = 12

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This thread contains opinions and observations. Individuals may post their experiences, inferences and opinions on this thread. However, it should not be construed as advice. It is unethical (and probably illegal) for financial recommendations to be given here.

Read more: du

[Pale Blue Dot]

1. Today's Reports - Unemployment

Oct 07 08:30 Nonfarm Payrolls Sep 91K 60K 0K
Oct 07 08:30 Nonfarm Private Payrolls Sep 136K 83K 17K
Oct 07 08:30 Unemployment Rate Sep 9.1% 9.1% 9.1%
Oct 07 08:30 Hourly Earnings Sep 0.1% 0.2% -0.1%
Oct 07 08:30 Average Workweek Sep 34.3 34.2 34.2
Oct 07 10:00 Wholesale Inventories Aug 0.5% 0.5% 0.8%
Oct 07 15:00 Consumer Credit Aug $7.0B $7.0B $12.0B

Read more: http://www.briefing.com/investor/calendars/economic/2011/10/03-07/#ixzz1a5n429dA

[Roland99]

9. Nonfarm payroll up 103,000 in Sept. rate at 9.1%. Sept. private payrolls up 137,000

Nonfarm payroll up 103,000 in Sept. rate at 9.1%
Sept. private payrolls up 137,000

July/Aug revised up 99,000.

Sept. factory jobs down 13,000.

[DemReadingDU]

11. I heard on radio that 45k jobs were from returning Verizon strike workers

:eyes:

[Roland99]

13. Just saw a link for that >>>> (sooo....a whopping 58k new jobs)

http://www.zerohedge.com/news/september-nfp-prints-103000-beats-consensus-even-u-6-comes-highest-december-2010-manufacturing-

[Roland99]

15. U6, up from 16.2% to 16.5%, the highest since December 2010.

[Pale Blue Dot]

2. Oil drops to near $82 ahead of US jobs report

KUALA LUMPUR, Malaysia – Oil fell to near $82 a barrel Friday in Asia after a jump in weekly U.S. jobless claims stoked fears of another dour monthly employment report.

Benchmark crude was down 54 cents at $82.06 a barrel at late afternoon Kuala Lumpur time in electronic trading on the New York Mercantile Exchange. The contract jumped $2.91, or 3.7 percent, to finish at $82.59 per barrel in New York on Thursday.

Brent crude was down $1.16 at $104.59 a barrel on the ICE Futures Exchange in London.

Oil plummeted to 12-month lows earlier in the week but rebounded as European officials appeared to be ready to take more concerted action to contain the region's debt crisis.

http://old.news.yahoo.com/s/ap/oil_prices

[Hugin]

4. Oil spikes because EU is maybe working on a plan to maybe fix the problem oil prices have created.

Did I read that correctly? Do I ( like the GOP ) need new spectacles? :squint:





On third edit: Dear Mr. Jobs, You were a genius and I'm gonna miss you, man. But, could you have at least put arrow keys on this virtual keyboard?

[Po_d Mainiac]

6. The're gonna lynch the 'chairsatan? n/t

[Demeter]

18. No, Europe Is QE tooing

England's already running the presses full bore--more than anybody dreamed they would. Angela has given in. Geither must have read them the riot act. He's the perfect bully...he's got thugs in high places.

As a result, gold silver, oil and stock markets reinflating...

[Hugin]

35. So, they are maybe implementing a plan that doesn't fix the problem high oil prices caused.

Like we did? :crazy:

[Ghost Dog]

40. Not even China does inscrutable quite the way Europe does

these days... :shrug:

All bets are, um, well, kind of, you know, er... highly debatable (or should that read, debacle?).

Edit to add: browsing Bert Jansch's work and influences last night I came across this remarkable piece of stuff from the excellent Charles Mingus - Devil's Blues - Live At Montreux (1975) - http://www.youtube.com/watch?v=gAdlVvS93pk - Kind of hits the mood, ha ho ha!

[Pale Blue Dot]

3. Stock futures edge down ahead of payrolls

LONDON (MarketWatch) — U.S. stock futures edged down Friday after three days of strong gains on Wall Street, as investors awaited data that will shed more light on the weak labor market.

Futures on the Dow Jones Industrial Average DJ1Z -0.20% dropped 28 points to 11,018 and those on the Standard & Poor’s 500 index SP1Z -0.29% fell 3.40 points to 1,154.20.

Nasdaq 100 futures ND1Z -0.35% fell 7 points to 2,197.75.

The losses come after three days of strong gains for U.S. markets amid growing expectations that Europe will act to bolster its banking sector. The cautious optimism over Europe helped the Dow Industrials DJIA +1.68% add over 183 points on Thursday, pulling the index back above 11,000.

http://www.marketwatch.com/story/stock-futures-edge-down-ahead-of-payrolls-2011-10-07

The Dow has shot up like a rocket on rumors that something maybe might happen in Europe. Scary times we live in.

[Po_d Mainiac]

5. Only off by 110 mini pts :shame:

1100-1175 is gonna be a tough couple barriers ...likely similar to the Maginot Defence Line
:donut:

[xchrom]

7. good morning to every one -- i hope you're ready for the WEEKEND?

it's good to be friday :donut:

[xchrom]

8. i like this:

[DemReadingDU]

12. That definitely would get attention!

[Demeter]

17. That's Exactly How I Feel

No, I'm not ready for the weekend. Regardless, it's coming. Any morning you get to complain about is a good one, these days....

[xchrom]

10. asia: Bank of Japan stands pat, sees recovery on track

http://www.marketwatch.com/story/bank-of-japan-stands-pat-sees-recovery-on-track-2011-10-07?dist=beforebell

HONG KONG (MarketWatch) –- The Bank of Japan’s policy board kept its monetary policy on hold Friday, saying economic recovery remains on track, while maintaining its asset-buying and extending a special post-earthquake lending program.

The board voted unanimously to hold the overnight benchmark lending rate unchanged at a range of 0% to 0.1%, as widely expected.

In its statement, the board said economic activity has “continued picking up,” reiterating similar language from its September report.

It said production and exports continue to increase, though the pace of recovery has moderated from the sharp rebound that followed the slump in the wake of the earthquake.

[xchrom]

14. Asia jumps after Europe’s easing moves

http://www.marketwatch.com/story/asia-jumps-after-europes-easing-moves-2011-10-06?dist=markets

MUMBAI (MarketWatch) — Asia stocks gained strongly in a broad-based Friday, as fresh optimism that Europe is ramping up efforts to shore up its financial system and prevent another global banking crisis boosted investor appetite for equities.

Hong Kong’s Hang Seng Index /quotes/zigman/2622475 HK:HSI +3.11% rallied 3.1%, Japan’s Nikkei Stock Average /quotes/zigman/5986735 JP:NIK +0.98% climbed 1%, South Korea’s Kospi KR:0100 +2.89% jumped 2.9%, and Australia’s S&P/ASX 200 index /quotes/zigman/1653884 AU:XJO +2.29% rose 2.3%.

Mainland Chinese markets were closed this week for a holiday.

Asia’s climb on Friday followed a strong performance for U.S. stocks Thursday after the release of better-than-forecast unemployment-claims data on a day when the Bank of England and the European Central Bank announced new easing measures.

[xchrom]

21. Mazda to stop making rotary-engine vehicles

http://hosted.ap.org/dynamic/stories/A/AS_JAPAN_MAZDA?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2011-10-07-06-56-03

TOKYO (AP) -- Mazda will stop making cars with its signature rotary engines after a 45-year production run that included powering the first and only Japanese car to win the 24-hour Le Mans endurance race.

Poor sales and the high costs of meeting modern emissions standards have made rotary engines uneconomical to produce.

Mazda Motor Corp. said Friday that the latest edition of the Mazda RX-8 will go on sale Nov. 24, targeting sales of 1,000 vehicles, but will end production in June 2012.

The Japanese automaker, based in Hiroshima, introduced its first rotary engine car in 1967 and is the only automaker in the world that makes rotary engine vehicles. Such engines have fewer moving parts and are quieter than comparable piston engines but are more expensive to manufacture and consume more fuel.

The RX-8 is the only model in Mazda's lineup with the rotary engine.

[xchrom]

16. Occupy Wall Street: The Most Important Thing in the World Now {naomi klein}

http://www.thenation.com/article/163844/occupy-wall-street-most-important-thing-world-now

I was honored to be invited to speak at Occupy Wall Street on Thursday night. Since amplification is (disgracefully) banned, and everything I say will have to be repeated by hundreds of people so others can hear (a k a “the human microphone”), what I actually say at Liberty Plaza will have to be very short. With that in mind, here is the longer, uncut version of the speech.

I love you.

And I didn’t just say that so that hundreds of you would shout “I love you” back, though that is obviously a bonus feature of the human microphone. Say unto others what you would have them say unto you, only way louder.

Yesterday, one of the speakers at the labor rally said: “We found each other.” That sentiment captures the beauty of what is being created here. A wide-open space (as well as an idea so big it can’t be contained by any space) for all the people who want a better world to find each other. We are so grateful.

If there is one thing I know, it is that the 1 percent loves a crisis. When people are panicked and desperate and no one seems to know what to do, that is the ideal time to push through their wish list of pro-corporate policies: privatizing education and social security, slashing public services, getting rid of the last constraints on corporate power. Amidst the economic crisis, this is happening the world over.

And there is only one thing that can block this tactic, and fortunately, it’s a very big thing: the 99 percent. And that 99 percent is taking to the streets from Madison to Madrid to say “No. We will not pay for your crisis.”

[Demeter]

19. Just Say NO to the 1%

You could sell a slogan like that, and redeem it from Nancy Reagan's sophistry.

[Hotler]

27. +1. I love you. eom.

[Demeter]

29. But Hotler, this is so sudden!

Does my Victorian faint trick....

[Hotler]

36. Well its been building up inside of me....

For oh I don't know how long
I don't know why but I keep thinking
Something's bound to go wrong

Enough silliness back to doom and gloom. I have no hope. You know the rest.
Have a good weekend Demeter.

[Tansy_Gold]

43. Don't worry, baby

[xchrom]

20. europe: Moody's downgrades a dozen UK banks

http://hosted.ap.org/dynamic/stories/E/EU_BRITAIN_BANKS?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2011-10-07-07-05-17

LONDON (AP) -- A dozen British banks saw their credit ratings downgraded Friday over doubts over the strength of the government's support, in another sign that the banking sector is facing renewed stresses.

Moody's Investors Service insisted that its downgrades have nothing to do with any worsening in the financial strength of the sector or over the state of the government's public finances as economic growth stalls. A near standstill in growth prompted the Bank of England Thursday to launch a 75 billion pounds monetary stimulus.

Among the downgrades, Moody's reduced its rating on government-controlled Royal Bank of Scotland PLC by two notches to A2. It also cut its rating on Lloyds TSB Bank, a unit of part-nationalized Lloyds Banking Group PLC by one notch to A1.

Spain's Banco Santander SA had its British business downgraded by one notch to A1, while Nationwide Building Society suffered a two-notch reduction to A2. However, there were no changes in the ratings of Barclays PLC and HSBC PLC.

[xchrom]

22. Factory gate prices surge by 6.3 per cent

http://www.independent.co.uk/news/business/news/factory-gate-prices-surge-by-63-per-cent-2367018.html

Factory gate prices surged at their fastest annual rate for nearly three years last month, figures revealed today, but economists said the trend is unlikely to be sustained in future months.

Manufacturers increased their output prices by 6.3% year-on-year in September, compared with a 6% rise the previous month, the Office for National Statistics said.

The increase was driven by a surge in the cost of petroleum products and food, but analysts said it was unlikely to be fed through to consumers as oil costs have since come off the boil.

The figures come a day after the Bank of England's Monetary Policy Committee (MPC) voted in favour of injecting £75 billion into the economy through its quantitative easing programme to jump-start the recovery.

[xchrom]

23. Europe Begins Working on Plan B for the Euro

http://www.spiegel.de/international/europe/0,1518,790543,00.html

How much longer will the euro zone be patient with Greece? A growing number of politicians and economic experts are criticizing the rescue packages for the overly indebted nation and are instead demanding that Greece be allowed to slide into insolvency. Paris and Berlin continue to hold back. But, to be on the safe side, they are already preparing their domestic banks for a possible Greek default.

On Tuesday, European Union finance ministers discussed plans to provide state capital to shore up Europe's major banks. And during its regularly scheduled interest rate meeting on Thursday, the European Central Bank (ECB) committed significant sums of money to come to the aid of financial institutions. ECB President Jean-Claude Trichet warned European governments to ensure that their banks were sufficiently capitalized.

In Germany, Chancellor Angela Merkel of the conservative Christian Democratic Union (CDU) has been clear in her support of this position. On Wednesday, together with European Commission President Jose Manuel Barroso, she announced her preparedness to support a bank bailout. Following a meeting of the heads of the most important international economics and financial institutions, the chancellor reiterated her position on Thursday, saying that if banks urgently need money, the European states should "not delay" in providing financial aid. That, she said, would be "intelligently invested money."

Crisis Returns to Banks

Behind this week's string of announcements are growing concerns that the European debt crisis is spreading and could soon threaten to engulf major banks, many of which still hold a good deal of Greek government bonds and even more Spanish and Italian securities on their books. Many banks would likely be unable to withstand a national insolvency inside the euro zone. They would be forced to write off billions, and some could face bankruptcy themselves as a result. Trust has diminished to such a degree in recent weeks that interbank lending has dried up, creating a credit crunch not seen in Europe since the 2008 collapse of Lehman Brothers.

[xchrom]

24. US majority faces another lost decade

http://www.atimes.com/atimes/Global_Economy/MJ08Dj01.html

Food pantries picked over. Incomes drying up. Shelters bursting with the homeless. Job seekers spilling out the doors of employment centers. College grads moving back in with their parents. The angry and disillusioned filling the streets.

Pan your camera from one coast of the United States to the other, from city to suburb to farm and back again, and you'll witness scenes like these. They are the legacy of the Great Recession, the Lesser Depression, or whatever you choose to call it.

In recent months, a blizzard of new data, the hardest of hard numbers, has laid bare the dilapidated condition of the American economy, and particularly of the once-mighty American middle class. Each report sparks a flurry of news stories and pundit


chatter, but never much reflection on what it all means now that we have just enough distance to look back on the first decade of the 21st century and see how Americans fared in that turbulent period.

And yet the verdict couldn't be more clear-cut. For the American middle class, long the pride of this country and the envy of the world, the past 10 years were a bust. A washout. A decade from hell.

Paychecks shrank. Household wealth melted away like so many sandcastles swept off by the incoming tide. Poverty spiked, swallowing an ever-greater share of the population, young and old. "This is truly a lost decade," Harvard University economist Lawrence Katz said of these last years. "We think of America as a place where every generation is doing better, but we're looking at a period when the median family is in worse shape than it was in the late 1990s."

[Fuddnik]

25. Greetings from McDonalds in Shithole, South Carolina.

Dear Ole Pappy is still in the hospital. He was severely dehydrated, and completely out of it, when I arrived Wed. evening. They ruled out a stroke, but, he's been diagnosed with dementia. He's a lot better now physically, but his short term memory is shot.

Now for the fun part. We're going to try to get him into a home. And he ain't gonna like it. Especially when we try to transport him to Florida or Ohio.

In the mean time, I have to hide his car and his gun.

Later, time to head back to the hospital.

[Demeter]

26. At Least You Got a Diagnosis You Can Work With

See a lawyer, posthaste. As a Plenary Guardian, your word is law. Unless someone else in the family wants the job...

I'm told that in the better nursing homes, the staff knows how to butter and sweeten up folks like your dad, so that they are happy to be there, and do better than average. the trick is, finding that better nursing home...

[DemReadingDU]

30. Dehydration does weird things

Glad it wasn't a stroke.
I used to visit folks in a home, and truly the right staff is wonderful and so patient with them.
I hope you are able to find the right place for your dad.

[xchrom]

31. glad to hear from you. sorry about your dad. nt

[Hotler]

28. k&r n/t

[xchrom]

32. south asia: Gold gains Rs 470, silver zooms Rs 3,400 on firm Asian trend

http://economictimes.indiatimes.com/markets/commodities/gold-gains-rs-470-silver-zooms-rs-3400-on-firm-asian-trend/articleshow/10266620.cms

NEW DELHI: Both gold and silver rallied in the bullion market here today on buying by stockists and investors, triggered by a firming trend in Asia.

While gold added by Rs 470 to Rs 26,910 per 10 grams, silver zoomed by Rs 3,400 to Rs 54,200 per kg.

Silver coins followed suit and spurted by Rs 3,000 to Rs 60,000 for buying and Rs 61,000 for selling of 100 pieces. Silver coins had suffered the biggest single day plunge of Rs 7,000 per 100 pieces, in the last trading session, on Thursday.

The bullion market was closed yesterday on account of 'Dussehra'.

[xchrom]

33. Gold bounces after US jobs data rattles dollar

http://economictimes.indiatimes.com/markets/commodities/gold-bounces-after-us-jobs-data-rattles-dollar/articleshow/10269241.cms

LONDON: Gold rallied after US data showed the jobs market was more robust than initially thought in both September and August, allaying some concern about the health of the world's largest economy and boosting industrial metals such as platinum and palladium.

The US Labor Department report showed 103,000 jobs were added to non-farm payrolls last month, above the 60,000 forecast, while the August data was revised to show a rise of 57,000 that month, from zero reported previously.

Spot gold was last up 0.1 per cent on the day at $1,653.20 an ounce by 1235 GMT, almost unchanged on levels seen before the data, while platinum rose 1.0 per cent on the day to $1,528.25 an ounce, from $1,516.75 before the figures, and palladium rose 0.6 per cent on the day to $611.37.

[DemReadingDU]

34. more harassment by our police chief

10/7/11 We live in a house that is located on a corner lot. We have lived here for 24 years. Today, spouse is in front of our house in his vehicle going west. He stopped at the corner before making a left turn to go south. The police chief and his rookie are going north and say they had to slam on their brakes to prevent hitting spouse.

I am sitting at my computer near a window where I can see and hear the traffic. I saw the chief's vehicle traveling north, but heard nothing, no squeals of brakes nor tires. There are no skid marks from the alleged abrupt slamming of brakes. A neighbor was eating breakfast at a table where she is able to view the street corner, and says spouse completely stopped at the stopsign.

Spouse gets a failure to yield ticket. Usually in minor tickets, people are ordered into the village mayor's court. But spouse is being ordered into the county court.

:wtf:

[RUMMYisFROSTED]

37. Trying To Tiptoe Through October

We'll see how October works this time.

[Roland99]

38. Something afoot with Safeway?

http://ransquawk.com/headlines/173864

Safeway's (SWY) option volume today is currently around 18,000 vs. average of 2500; large volume is ahead of the co.'s earnings on 13th Oct.

[Roland99]

39. Friday's 3:15pm Faeries right on time!

[Roland99]

41. HFT profit-taking at the end? 100pt drop at the end of the session.

[zogofzorkon]

42. Or this

<http://www.rhymeswithorange.com/2011/10/October-07-2011/>

[Demeter]

44. The Poor Little Confidence Fairy Is Pooped

She's been flapping like mad all week.